Velotax Series A Fuels AI Credit Expansion in Brazil

Fintech founded by former J.P. Morgan bankers expands AI-driven credit for underserved Brazilians

Velotax Series A at $25 million range marks one of the largest Series A to date in Brazil and a decisive moment for the São Paulo-based fintech founded by Eduardo Esmanhotto and Victor Savioli, both former J.P. Morgan bankers.

Velotax began as an app to help taxpayers prepare their tax returns (Imposto de Renda), but the founders soon realized that Brazil’s broader challenge lay in financial education and access to credit.

That insight transformed the company from a seasonal tax assistant into a full-scale personal-finance ecosystem designed to reach classes C and D — segments often denied loans by traditional banks. The BRL $125 million Velotax funding round led by QED Investors, Valor Capital Group, and Picus Capital will enable the company to expand its AI credit platform and strengthen its financial-inclusion strategy across Brazil.

Velotax Series A expanding AI-based credit in Brazil

Operating as a banking correspondent of Via Capital SCD, Velotax has already issued more than BRL $100 million in loans. Its flagship remains the tax-refund anticipation product, responsible for roughly 80 percent of its credit portfolio.

The Velotax BRL $125 million raise now supports new products in personal loans, private payroll-deductible credit, and soon insurance through partnerships with financial institutions. The app has surpassed 3 million downloads and uses a gamified scoring system that rewards users with access to new products as they improve their financial performance.

New leadership and AI focus

Backed by QED, Valor, and Picus, Velotax is strengthening both its leadership team and its AI-driven credit strategy.

New executives include:
Karin Thies – Credit Director (co-founder of Geru)
Paulo Almeida – Commercial Director
Régis Ricarte – Collections Director
Fábio Nestor – Head of Consigned Products

Although Velotax relies heavily on artificial intelligence for credit analysis, the company maintains human service centers to assist first-time borrowers — a key trust element for its class C and D users.

Founder’s vision for inclusive credit after Velotax funding round

Eduardo Esmanhotto has stated to Brazil’s financial newspaper Valor Econômico the company’s vision:

“Our user today is class C and D, who has already had credit denied elsewhere. We built a gamified system with scores that unlock products according to performance.”(Valor Econômico, 20 Oct 2025).

The Firms Behind the Deal

Foley & Lardner LLP acted as U.S. and international legal counsel to Velotax.

The Foley team was led by partner André Thiollier with contribution from associates Trevor Mullin and Mackenzie Barrett, and supported by specialists in tax, technology, and regulatory matters.

Demarest Advogados acted as Brazilian legal counsel to Velotex.

Demarest’s deal team was led buy partners João Busin and Juliana Maluf, with support from associates Bárbara Queiroz, Pedro Vecci.

Cooley LLP acted as legal counsel to QED Investors with partner Derek Colla leading the firm’s deal team and support from Sarah Howard.

Gunderson Dettmer represented Valor Capital Group with partner Brian C. Hutchings and associate Tuca Bihari

Why this Velotax funding round matters

The Velotax Series A highlights rising investor confidence in Brazil’s fintech sector, especially in solutions combining technology, financial literacy, and inclusion. With cross-border counsel from Foley & Lardner, Demarest, Gunderson, and Cooley, Velotax demonstrates how Latin-American startups are structuring globally sophisticated rounds while tackling domestic access-to-credit challenges.

Related Reading

• Omie’s record-breaking Series E in Brazil’s SaaS ecosystem
• Enter’s Series A with Founders Fund and Sequoia: inside Brazil’s new unicorn round
• Brazil’s Fintech Infrastructure: Pagaleve, Kanastra and Clash Are Rebuilding the Rails of Finance

Resumo em português

A Velotax levantou R$125 milhões em sua rodada Série A, com participação de QED Investors, Valor Capital Groupe Picus Capital. A fintech, fundada por ex-banqueiros do J.P. Morgan, investirá em inteligência artificial e na ampliação da oferta de crédito para as classes C e D. A operação contou com assessoria de Foley & Lardner, Demarest Advogados, Gunderson Dettmer e Cooley LLP.

Resumen en español

Velotax recaudó R$125 millones en su ronda Serie A, con participación de QED Investors, Valor Capital Group y Picus Capital. La fintech, fundada por exbanqueros de J.P. Morgan, invertirá en soluciones de inteligencia artificial y en la expansión de su oferta de crédito para las clases C y D. La operación contó con la asesoría de Demarest Advogados, Foley & Lardner, Gunderson Dettmer y Cooley LLP.